Global Surge in CBDC Development: 134 Countries Now Exploring Digital Currencies
New data shows that 134 countries, representing 98% of global GDP, are now exploring central bank digital currencies (CBDCs), with 66 nations advancing to pilot or development stages. Every G20 nation is engaged in CBDC efforts, with notable leaders such as China and the European nations pushing forward. The U.S. remains lagging behind Europe and Japan but is exploring cross-border initiatives like Project Agorá.
Global Expansion of CBDCs: 134 Countries Exploring Digital Currencies
The Atlantic Council announced on Tuesday that it has released an update to its central bank digital currency (CBDC) tracker. The announcement details:
Our new research shows that 134 countries are now exploring a CBDC, representing 98% of global GDP.
In addition, “66 countries are now in the advanced phase of exploration — which includes the launch, pilot, or development stages,” the council noted.
According to the research, “As of September 2024, every G20 country is exploring a CBDC, with 19 of them in the advanced stage of CBDC development,” the council said. Japan, India, Australia, South Korea, and Turkey are among the 13 G20 countries piloting CBDCs, while new projects were introduced in France, Italy, and Indonesia.
The tracker highlights that there are now 44 CBDC pilots in operation, with European countries leading testing efforts. China’s e-CNY remains the world’s largest CBDC pilot, surpassing 7 trillion yuan in transactions across sectors such as education and tourism.
The announcement also highlighted that three countries, namely the Bahamas, Jamaica, and Nigeria, have fully launched digital currencies, with increased issuance in Nigeria and the Bahamas. Regarding the Federal Reserve’s efforts on the digital dollar, the council described:
The U.S. is now participating in a cross-border wholesale CBDC project, Project Agorá, with 6 other major central banks. CBDC continues to be an issue in the ongoing US presidential campaign. The US lags far behind its advanced economy peers in Europe and Japan.
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